Ann: Half Year Accounts, page-2

This has a lot more in it. NPV at 7.4 Billion CAD. This is 5.5 Billion USD. What is the for sale value? The rail issue from Schefferville to Emeril and from Emeril to Sept-Iles can be simply solved by adding sidings. From Sept-Iles to Pointe Noire will need a double track. The port has plans to expand capacity to 100Mtpa. All a question of when and how much. There should be no cost as these are third party operators. We may have to sign a use or pay quantity contract. The product will be <4% moisture content so 12 month rail use will happen. They have sorted the power, 68KM of high transmission line is heaps better than over 300kms.

At 20Mtpa there is 120 years of mine life. If they increased to output by 10 Mtpa every five years until they got to 60Mtpa there is 60 years mine life. This is only 4kms of a 12km strike zone of the Greenbush Zone (about 50% visually of the zone).